Chou Associates Management Inc.

Momentum followerQuality / disciplined sizingSector-focused

Total reported value

$210.3M

Reporting period: 2026-03-31 · Number of holdings: 31

Chou Associates Management Inc. disclosed 31 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $210.3M and a quarterly turnover rate of 22.5%.

Personality snowflake

Concentration: 49.68
Portfolio Stability: 22.49
Momentum/Contrarian: 100
Sector conviction: 71.39
Diversification: 62
Sizing Uniformity: 82.84

Recent moves

Add OXY
0.0%　$7.5M
Trim BRK-A
0.0%　-$3.2M
Trim STLA
0.0%　-$5.3M
Add JEF
+1258.3%　$5.5M
Add PYPL
+308.3%　$5.2M
Trim SYF
+3.5%　-$2.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	BRK-A	Berkshire Hathaway Inc-cl A	Stock-Other	29.37%	-2.84%	—
2	GOOG	Alphabet Inc-cl C	Stock-Comm Services	9.88%	-1.39%	—
3	OXY	Occidental Petroleum CORP	Stock-Energy	9.68%	+3.29%	—
4	SYF	Synchrony Financial	Stock-Financials	7.22%	-1.71%	+3.48%
5	AAPL	Apple INC	Stock-Tech	5.31%	-0.62%	—
6	STLA	Stellantis N.V.	Stock-Consumer Disc	4.70%	-2.83%	—
7	SIRI	Sirius Xm Holdings INC	Stock-Comm Services	4.50%	+0.44%	—
8	ALLY	Ally Financial INC	Stock-Financials	4.21%	-0.86%	—
9	PYPL	Paypal Holdings INC	Stock-Financials	3.60%	+2.41%	+308.29%
10	JEF	Jefferies Financial Group In	Stock-Financials	2.93%	+2.59%	+1258.31%
11	BABA	Alibaba Group Holding-sp Adr	Stock-Consumer Disc	2.50%	-0.55%	—
12	WFC	Wells Fargo & Co	Stock-Financials	2.25%	-0.50%	—
13	GM	General Motors Co	Stock-Consumer Disc	1.84%	-0.26%	—
14	C	Citigroup INC	Stock-Financials	1.76%	-0.13%	—
15	BHR 4.5 06-01-26	Braemar Hotels & Resorts	Stock-Other	1.17%	+1.17%	NEW
16	CASH	Pathward Financial INC	Stock-Other	1.16%	+0.20%	—
17	BAC	Bank Of America CORP	Stock-Financials	1.16%	-0.20%	—
18	POOL	Pool CORP	Stock-Industrials	1.02%	-0.19%	—
19	MBI	Mbia INC	Stock-Other	0.90%	-0.24%	—
20	KHC	Kraft Heinz Co/the	Stock-Consumer Staples	0.74%	+0.74%	NEW
21	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	0.71%	+0.71%	NEW
22	AGO	Assured Guaranty Ltd.	Stock-Financials	0.66%	+0.17%	+54.60%
23	MEOH	Methanex CORP	Stock-Other	0.57%	+0.18%	—
24	CYD	China Yuchai International Limited	Stock-Other	0.43%	+0.02%	—
25	IMO	Imperial Oil LTD	Stock-Energy	0.31%	+0.10%	—
26	MCO	Moody's CORP	Stock-Financials	0.31%	-0.07%	—
27	MGA	Magna International INC	Stock-Consumer Disc	0.27%	+0.01%	—
28	HPQ	Hp INC	Stock-Tech	0.24%	+0.24%	NEW
29	ATKR	Atkore INC	Stock-Other	0.24%	+0.24%	NEW
30	LPX	Louisiana-pacific CORP	Stock-Industrials	0.20%	-0.04%	—
31	RYAAY	Ryanair Holdings Plc-sp Adr	Stock-Industrials	0.16%	-0.05%	—

Portfolio Performance

Performance for Q3 2026

+2.7%

Performance Last 4 Quarters

+12.7%

Based on 53% of reported portfolio value with available pricing

Stdev: +12.2%
Beta: +0.8
Alpha: +12.1%
Max Drawdown: -5.4%
Annualized Perf: +19.6%
Batting Avg vs S&P: +50%
Sortino: +3.67
Stutzer: +0.48
Treynor: +0.23
Sterling: —
Calmar: +3.66
Information Ratio: +0.92
Tracking Error: +11.4%
Stdev Down: +5.1%
Winning Months %: +62.5%
Losing Months %: +37.5%
Best 12 Months: —
Worst 12 Months: —
Efficiency Ratio: +0.53
Sharpe: +1.53
Stdev Sectors: +11.7%
Skewness: -0.06
Kurtosis: -1.11
Upside Potential: +5.36

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	31	$210.3M	22	1BRK-A 2GOOG 3OXY Top holdings2026-03-31 1.BRK-A 2.GOOG 3.OXY 4.SYF 5.AAPL 6.STLA 7.SIRI 8.ALLY 9.PYPL 10.JEF
2025-12-31	28	$201.6M	14	1BRK-A 2GOOG 3SYF Top holdings2025-12-31 1.BRK-A 2.GOOG 3.SYF 4.STLA 5.OXY 6.AAPL 7.ALLY 8.SIRI 9.BABA 10.WFC
2025-09-30	31	$207.7M	22	1BRK-A 2GOOG 3SIRI Top holdings2025-09-30 1.BRK-A 2.GOOG 3.SIRI 4.SYF 5.OXY 6.STLA 7.AAPL 8.ALLY 9.BABA 10.C
2025-06-30	31	$182.8M	0	1BRK-A 2SIRI 3GOOG Top holdings2025-06-30 1.BRK-A 2.SIRI 3.GOOG 4.SYF 5.OXY 6.AAPL 7.ALLY 8.STLA 9.C 10.WFC
2025-03-31	33	$185.0M	100	1BRK-A 2SIRI 3STLA Top holdings2025-03-31 1.BRK-A 2.SIRI 3.STLA 4.GOOG 5.SYF 6.AAPL 7.ALLY 8.BABA 9.WFC 10.C
2024-12-31	32	$146.7M	0	1BRK-A 2GOOG 3SYF Top holdings2024-12-31 1.BRK-A 2.GOOG 3.SYF 4.AAPL 5.ALLY 6.STLA 7.WFC 8.C 9.POOL 10.PYPL
2024-09-30	33	$159.6M	0	1BRK-A 2GOOG 3OXY Top holdings2024-09-30 1.BRK-A 2.GOOG 3.OXY 4.AAPL 5.SYF 6.ALLY 7.STLA 8.NAVI 9.POOL 10.C
2024-06-30	31	$140.0M	0	1BRK-A 2GOOG 3AAPL Top holdings2024-06-30 1.BRK-A 2.GOOG 3.AAPL 4.SYF 5.STLA 6.ALLY 7.NAVI 8.C 9.WFC 10.POOL
2024-03-31	18	$89.1M	0	1BRK-A 2BHC 3ALLY Top holdings2024-03-31 1.BRK-A 2.BHC 3.ALLY 4.SYF 5.C 6.HTZWW 7.NAVI 8.LBTYA 9.WFC 10.BB
2023-12-31	16	$76.1M	0	1BRK-A 2BHC 3ALLY Top holdings2023-12-31 1.BRK-A 2.BHC 3.ALLY 4.SYF 5.HTZWW 6.NAVI 7.C 8.LBTYA 9.BB 10.WFC
2023-09-30	18	$75.0M	0	1BRK-A 2BHC 3HTZWW Top holdings2023-09-30 1.BRK-A 2.BHC 3.HTZWW 4.ALLY 5.SYF 6.NAVI 7.C 8.LBTYA 9.BB 10.MBI
2023-06-30	18	$79.0M	0	1BRK-A 2HTZWW 3BHC Top holdings2023-06-30 1.BRK-A 2.HTZWW 3.BHC 4.ALLY 5.SYF 6.NAVI 7.C 8.BB 9.MBI 10.LBTYA
2023-03-31	17	$71.7M	0	1BRK-A 2HTZWW 3BHC Top holdings2023-03-31 1.BRK-A 2.HTZWW 3.BHC 4.ALLY 5.SYF 6.NAVI 7.C 8.LBTYA 9.MBI 10.BB
2022-12-31	18	$70.7M	0	1BRK-A 2RFPUSD 3HTZWW Top holdings2022-12-31 1.BRK-A 2.RFPUSD 3.HTZWW 4.BHC 5.ALLY 6.C 7.MBI 8.SYF 9.LBTYA 10.BB
2022-09-30	20	$139.6M	0	1BRK-A 2RFPUSD376117W Top holdings2022-09-30 1.BRK-A 2.RFPUSD 3.76117W 4.BHC 5.BHC 6.JPM 7.C 8.GS 9.MBI 10.BB
2022-06-30	19	$139.6M	0	1BRK-A 2RFPUSD376117W Top holdings2022-06-30 1.BRK-A 2.RFPUSD 3.76117W 4.BHC 5.BHC 6.JPM 7.C 8.MBI 9.GS 10.BB
2022-03-31	18	$188.0M	0	1BRK-A 2RFPUSD376117W Top holdings2022-03-31 1.BRK-A 2.RFPUSD 3.76117W 4.BHC 5.BHC 6.MBI 7.55262C 8.JPM 9.C 10.BB
2021-12-31	19	$191.1M	0	1RFPUSD 2BRK-A 3BHC Top holdings2021-12-31 1.RFPUSD 2.BRK-A 3.BHC 4.76117W 5.BHC 6.MBI 7.55262C 8.JPM 9.BB 10.09228F
2021-09-30	19	$207.1M	0	1BHC 2BRK-A 3RFPUSD Top holdings2021-09-30 1.BHC 2.BRK-A 3.RFPUSD 4.76117W 5.BHC 6.WFC 7.MBI 8.JPM 9.55262C 10.C
2021-06-30	19	$228.7M	98	1RFPUSD 2BHC 3BRK-A Top holdings2021-06-30 1.RFPUSD 2.BHC 3.BRK-A 4.76117W 5.BHC 6.WFC 7.MBI 8.JPM 9.BB 10.09228F
2021-03-31	20	$221.3M	50	1RFPUSD 2BHC 3BRK-A Top holdings2021-03-31 1.RFPUSD 2.BHC 3.BRK-A 4.76117W 5.BHC 6.WFC 7.MBI 8.JPM 9.C 10.GS
2020-12-31	18	$136.1M	34	1BRK-A 2BHC 3RFPUSD Top holdings2020-12-31 1.BRK-A 2.BHC 3.RFPUSD 4.WFC 5.GS 6.JPM 7.C 8.MBI 9.76117W 10.BB
2020-09-30	18	$99.4M	23	1BRK-A 2BHC 3RFPUSD Top holdings2020-09-30 1.BRK-A 2.BHC 3.RFPUSD 4.WFC 5.GS 6.MBI 7.JPM 8.C 9.BB 10.DVA
2020-06-30	18	$91.0M	28	1BHC 2BRK-A 3RFPUSD Top holdings2020-06-30 1.BHC 2.BRK-A 3.RFPUSD 4.WFC 5.MBI 6.GS 7.C 8.JPM 9.BB 10.DVA
2020-03-31	19	$99.9M	54	1BRK-A 2BHC 3WFC Top holdings2020-03-31 1.BRK-A 2.BHC 3.WFC 4.RFPUSD 5.MBI 6.GS 7.JPM 8.C 9.DVA 10.BB
2019-12-31	20	$173.7M	19	1BRK-A 2BHC 3RFPUSD Top holdings2019-12-31 1.BRK-A 2.BHC 3.RFPUSD 4.WFC 5.DVA 6.JPM 7.MBI 8.C 9.GS 10.BB
2019-09-30	22	$163.9M	27	1BRK-A 2BHC 3RFPUSD Top holdings2019-09-30 1.BRK-A 2.BHC 3.RFPUSD 4.WFC 5.DVA 6.MBI 7.JPM 8.C 9.GS 10.BB
2019-06-30	24	$213.9M	16	1BRK-A 2BHC 3RFPUSD Top holdings2019-06-30 1.BRK-A 2.BHC 3.RFPUSD 4.WFC 5.JPM 6.GS 7.C 8.MBI 9.DVA 10.BB
2019-03-31	25	$235.7M	10	1BRK-A 2BHC 3RFPUSD Top holdings2019-03-31 1.BRK-A 2.BHC 3.RFPUSD 4.WFC 5.G30401 6.JPM 7.SNY 8.GS 9.MBI 10.C
2018-12-31	28	$222.7M	30	1BRK-A 2RFPUSD 3BHC Top holdings2018-12-31 1.BRK-A 2.RFPUSD 3.BHC 4.WFC 5.SNY 6.G30401 7.JPM 8.MBI 9.GS 10.DVA
2018-09-30	25	$297.7M	77	1RFPUSD 2BRK-A 3BHC Top holdings2018-09-30 1.RFPUSD 2.BRK-A 3.BHC 4.G30401 5.WFC 6.SNY 7.JPM 8.GS 9.MBI 10.DVA
2018-06-30	26	$263.8M	22	1RFPUSD 2BRK-A 3VALE Top holdings2018-06-30 1.RFPUSD 2.BRK-A 3.VALE 4.WFC 5.GS 6.SNY 7.C 8.JCPB 9.DVA 10.MBI
2018-03-31	24	$237.2M	26	1BRK-A 2RFPUSD 3VALE Top holdings2018-03-31 1.BRK-A 2.RFPUSD 3.VALE 4.WFC 5.GS 6.SNY 7.C 8.JCPB 9.MBI 10.BB
2017-12-31	24	$233.8M	49	1RFPUSD 2BRK-A 3WFC Top holdings2017-12-31 1.RFPUSD 2.BRK-A 3.WFC 4.GS 5.SNY 6.C 7.JCPB 8.MBI 9.BB 10.SHLDEUR
2017-09-30	25	$286.2M	18	1VALE 2BRK-A 3RFPUSD Top holdings2017-09-30 1.VALE 2.BRK-A 3.RFPUSD 4.WFC 5.SNY 6.JCPB 7.GS 8.C 9.MBI 10.TEVA
2017-06-30	27	$323.8M	22	1VALE 2BRK-A 3JCPB Top holdings2017-06-30 1.VALE 2.BRK-A 3.JCPB 4.WFC 5.RFPUSD 6.C 7.SNY 8.TEVA 9.GS 10.G30401
2017-03-31	27	$301.4M	21	1BRK-A 2JCPB 3RFPUSD Top holdings2017-03-31 1.BRK-A 2.JCPB 3.RFPUSD 4.VALE 5.C 6.WFC 7.SNY 8.GS 9.NOK 10.SHLDEUR
2016-12-31	28	$312.7M	29	1JCPB 2BRK-A 3VALE Top holdings2016-12-31 1.JCPB 2.BRK-A 3.VALE 4.RFPUSD 5.C 6.WFC 7.NOK 8.GS 9.SNY 10.MBI
2016-09-30	27	$270.3M	12	1VALE 2BRK-A 3JCPB Top holdings2016-09-30 1.VALE 2.BRK-A 3.JCPB 4.RFPUSD 5.NOK 6.C 7.SHLDEUR 8.SNY 9.WFC 10.GS
2016-06-30	27	$262.0M	33	1BRK-A 2VALE 3RFPUSD Top holdings2016-06-30 1.BRK-A 2.VALE 3.RFPUSD 4.JCPB 5.NOK 6.SHLDEUR 7.C 8.SNY 9.WFC 10.GS
2016-03-31	25	$308.0M	64	1ASCMA 4 07-15-20 2BRK-A 3RFPUSD Top holdings2016-03-31 1.ASCMA 4 07-15-20 2.BRK-A 3.RFPUSD 4.VALE 5.NOK 6.436321 7.JCPB 8.C 9.SNY 10.SHLDEUR
2015-12-31	24	$466.9M	53	1ASCMA 4 07-15-20 2BRK-A 3RFPUSD Top holdings2015-12-31 1.ASCMA 4 07-15-20 2.BRK-A 3.RFPUSD 4.JCPB 5.NOK 6.C 7.WFC 8.SHLDEUR 9.SNY 10.GS
2015-09-30	24	$291.2M	20	1BRK-A 2RFPUSD 3NOK Top holdings2015-09-30 1.BRK-A 2.RFPUSD 3.NOK 4.JCPB 5.C 6.SHLDEUR 7.SNY 8.WFC 9.GS 10.SHOSUSD
2015-06-30	23	$327.0M	22	1BRK-A 2RFPUSD 3JCPB Top holdings2015-06-30 1.BRK-A 2.RFPUSD 3.JCPB 4.NOK 5.SHLDEUR 6.C 7.WFC 8.SNY 9.GS 10.BBBY
2015-03-31	25	$381.0M	9	1RFPUSD 2BRK-A 3NOK Top holdings2015-03-31 1.RFPUSD 2.BRK-A 3.NOK 4.SHLDEUR 5.JCPB 6.C 7.WFC 8.SNY 9.BBBY 10.GS
2014-12-31	23	$382.1M	27	1RFPUSD 2BRK-A 3NOK Top holdings2014-12-31 1.RFPUSD 2.BRK-A 3.NOK 4.SHLDEUR 5.JCPB 6.C 7.WFC 8.SNY 9.SHOSUSD 10.GS
2014-09-30	25	$394.6M	17	1RFPUSD 2BRK-A 3NOK Top holdings2014-09-30 1.RFPUSD 2.BRK-A 3.NOK 4.SNY 5.JPM 6.C 7.SHLDEUR 8.WFC 9.SHOSUSD 10.GS
2014-06-30	23	$364.6M	27	1RFPUSD 2BRK-A 3NOK Top holdings2014-06-30 1.RFPUSD 2.BRK-A 3.NOK 4.SHLDEUR 5.SNY 6.JPM 7.WFC 8.C 9.GS 10.MBI
2014-03-31	23	$361.7M	13	1RFPUSD 2BRK-A 3SHLDEUR Top holdings2014-03-31 1.RFPUSD 2.BRK-A 3.SHLDEUR 4.NOK 5.JCPB 6.SNY 7.C 8.WFC 9.MBI 10.GS
2013-12-31	23	$352.2M	100	1RFPUSD 2BRK-A 3NOK Top holdings2013-12-31 1.RFPUSD 2.BRK-A 3.NOK 4.SHLDEUR 5.SNY 6.JCPB 7.C 8.BBBY 9.WFC 10.GS
2013-09-30	27	$1.8B	100	1MNKD 3.75 12-15-13220478N3LVLT 6.5 10-01-16 Top holdings2013-09-30 1.MNKD 3.75 12-15-13 2.20478N 3.LVLT 6.5 10-01-16 4.RFPUSD 5.BRK-A 6.SHLDEUR 7.DELL 8.NOK 9.SNY 10.BBBY
2013-06-30	27	$370.9M	0	1BRK-A 2RFPUSD 3DELL Top holdings2013-06-30 1.BRK-A 2.RFPUSD 3.DELL 4.BBBY 5.SHLDEUR 6.00507K 7.SNY 8.C 9.NOK 10.JCPB

Holding changes this quarter

Chou Associates Management Inc.'s most significant position changes for 2026-03-31: New buy: Braemar Hotels & Resorts (BHR 4.5 06-01-26); New buy: Kraft Heinz Co/the (KHC); New buy: Berkshire Hathaway Inc-cl B (BRK-B); New buy: Hp INC (HPQ); New buy: Atkore INC (ATKR).

Position changes disclosed by Chou Associates Management Inc. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	OXY	Occidental Petroleum CORP	+3.3%	—	Unchanged
2	JEF	Jefferies Financial Group In	+2.6%	+1258.31%	Add
3	PYPL	Paypal Holdings INC	+2.4%	+308.29%	Add
4	SIRI	Sirius Xm Holdings INC	+0.4%	—	Unchanged
5	CASH	Pathward Financial INC	+0.2%	—	Unchanged
6	MEOH	Methanex CORP	+0.2%	—	Unchanged
7	AGO	Assured Guaranty Ltd.	+0.2%	+54.60%	Add
8	IMO	Imperial Oil LTD	+0.1%	—	Unchanged
9	CYD	China Yuchai International Limited	0%	—	Unchanged
10	MGA	Magna International INC	0%	—	Unchanged
11	LPX	Louisiana-pacific CORP	0%	—	Unchanged
12	RYAAY	Ryanair Holdings Plc-sp Adr	-0.1%	—	Unchanged
13	MCO	Moody's CORP	-0.1%	—	Unchanged
14	C	Citigroup INC	-0.1%	—	Unchanged
15	POOL	Pool CORP	-0.2%	—	Unchanged
16	BAC	Bank Of America CORP	-0.2%	—	Unchanged
17	MBI	Mbia INC	-0.2%	—	Unchanged
18	GM	General Motors Co	-0.3%	—	Unchanged
19	WFC	Wells Fargo & Co	-0.5%	—	Unchanged
20	BABA	Alibaba Group Holding-sp Adr	-0.6%	—	Unchanged
21	AAPL	Apple INC	-0.6%	—	Unchanged
22	ALLY	Ally Financial INC	-0.9%	—	Unchanged
23	GOOG	Alphabet Inc-cl C	-1.4%	—	Unchanged
24	SYF	Synchrony Financial	-1.7%	+3.48%	Add
25	STLA	Stellantis N.V.	-2.8%	—	Unchanged
26	BRK-A	Berkshire Hathaway Inc-cl A	-2.8%	—	Unchanged
27	BHR 4.5 06-01-26	Braemar Hotels & Resorts	—	NEW	New buy
28	KHC	Kraft Heinz Co/the	—	NEW	New buy
29	BRK-B	Berkshire Hathaway Inc-cl B	—	NEW	New buy
30	HPQ	Hp INC	—	NEW	New buy
31	ATKR	Atkore INC	—	NEW	New buy
32	VTS	Vitesse Energy INC	—	EXIT	Sold out
33	HTZWW	Hertz Global Hldgs INC -cw51	—	EXIT	Sold out

FAQ

What is Chou Associates Management Inc. and what type of investor is it?

Chou Associates Management Inc. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $210.3M, spread across 31 disclosed positions.

What are Chou Associates Management Inc.'s largest equity positions?

Based on the latest 13F filing, Chou Associates Management Inc.'s top holdings by market value are: 1. Berkshire Hathaway Inc-cl A (BRK-A) — $61.8M (29.4%) 2. Alphabet Inc-cl C (GOOG) — $20.8M (9.9%) 3. Occidental Petroleum CORP (OXY) — $20.3M (9.7%) 4. Synchrony Financial (SYF) — $15.2M (7.2%) 5. Apple INC (AAPL) — $11.2M (5.3%)

What changes did Chou Associates Management Inc. make in its most recent portfolio filing?

In the latest reported quarter, Chou Associates Management Inc. made 11 notable position adjustments: 5 new positions were initiated, 4 existing holdings were added to, 0 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Braemar Hotels & Resorts (BHR 4.5 06-01-26); New buy: Kraft Heinz Co/the (KHC); New buy: Berkshire Hathaway Inc-cl B (BRK-B); New buy: Hp INC (HPQ); New buy: Atkore INC (ATKR)

What sectors does Chou Associates Management Inc. focus on?

Chou Associates Management Inc. is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 37.5% • Communication Services: 21.7% • Energy: 15.1% • Consumer Discretionary: 14.1% • Information Technology: 8.4% • Industrials: 2.1%